Microchip Technology Quarterly Results Top Wall Street Estimates

By Wallace Witkowski Markets MarketWatch Pulse

Microchip Technology Inc. shares were halted late Tuesday after the electronics component maker's quarterly report and outlook topped Wall Street estimates. Microchip Technology shares were halted at $69.62 after hours. The company reported adjusted third-quarter earnings of $1.05 a share on adjusted revenue of $881.2 million. Analysts surveyed by FactSet had estimated 90 cents a share on revenue of $849 million. For the fourth quarter, Microchip forecast adjusted earnings of $1.01 to $1.11 a share on adjusted revenue of $872 million to $908 million. Analysts had estimated 93 cents a share on revenue of $863.4 million.

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